4/13/20 MARKET CLOSE Update - INTERNALS

Internals further topped out today and starting to show resistance levels working against them but not showing signs of imminent decline yet (need to get real negative ahead of price). Thin leadership again...deja vu last 3 years...thin leadership on low volume with vol targeted after 330PM...almost like the movie groundhog day.


TRIN: At the close and during the day, these readings below were pretty persistent. This seems to me that dip buyers are chasing the last gasp of this counter trend bounce. Buyer volume (and volume in general was weak) hence the near neutral 1.0 reading on most. QQQ really held up (as well as SPY) by NFLX and AMZN and AAPL.

Takeaway: Late stage buyers still stepping in.


ADVANCERS/DECLINERS: Most of everything under the indexes was red. the FAANGs had a major influence on the indexes today as most were slight down or green (in QQQ case) but we see that bulk of indexes declined. Thin leadership again...deja vu last 3 years...thin leadership on low volume with vol targeted.

Takeaway: Nothing but watching Monday


NYSE ADVANCERS/DECLINERS: The NYSE group struggled today. Nest of resistance at 16746-16806. The market structure of this measurement (and the NYSE) is bearish unless this can take out 16900 level.

Takeaway: Rejected at first resistance with more overhead.


CUMULATIVE VOLUME: Volume was negative sell side today. Price is being carried by the FAANGs and volume on those was even thin. Major resistance levels above notated.

Takeaway: Momentum is topping out as well as heading into resistance.


ABSOLUTE BREADTH: Bounced today and headed for more volatility. No vol present today but OPEX on Wednesday.

Takeaway: See if the breadth bounce today points to more vol or heads back to neutral.


MCCLELLAN OSCILLATOR: We had a top on Thursday it looks like. This leads price. It can flop around up here but we can start looking for local top in SPX here soon based on this.

Takeaway: Reversal can happen at any point now in price, but can jerk around up here for a few.


INTERNALS Summary: Starting to appear like topping out process for this counter trend rally is happening. FAANGs carried the entire market up and the rest look very distributive. Internals need to get real negative ahead of price...so they are just starting to flatten out. Let's see what next two sessions looks like this week.

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